Disclaimer: AutoMarketplace and entities with shared ownership were compensated by Fast Track Mobility for fleet consulting and marketing services discussed in this podcast. Furthermore, AutoMarketplace and entities with shared ownership directly participate in the TLC vehicle, plate rental, and taxi medallion markets.
Fast Track Mobility, part of Voyager Global Mobility (VGM), has officially entered New York City’s growing TLC plate — or for-hire vehicle (FHV) license — rental market.
VGM, best known for its Buggy and Fast Track TLC-plated vehicle rental brands, is now offering a program that allows drivers to use their own vehicles while renting a TLC plate and insurance package. The move represents a natural extension of the company’s NYC business and comes amid growing demand for affordable entry points into the city’s tightly regulated for-hire transportation (TLC) industry.
Under the new program, drivers who already own or finance their vehicles can lease a Fast Track plate for $115 per week, with TLC insurance included at $174 per week — a total of $289 weekly. The company handles the full process, from DMV registration and TLC inspections to insurance underwriting. A $1,000 refundable deposit is required, and contracts run 56 weeks (13 months) with flexible six-week cancellation terms. Importantly, while Fast Track retains partial control of the DMV registration as required by DMV / insurance rules, the driver remains the title holder and legal owner of the vehicle.
In today’s AutoMarketplace Podcast episode, VGM Executive Vice President Jeremy Moskovitz described the plate rental program as a direct response to strong driver demand — and a delayed (!) vehicle shipment. Some NYC TLC-licensed drivers now prefer to own their own cars but have struggled to obtain plates due to the city’s ongoing cap on new FHV licenses (a/k/a TLC plates).
Others are seeking greater financial independence, stronger credit, or the flexibility to upgrade their vehicles on their own schedule. For example, some immigrant drivers rent a TLC plate in order to operate and eventually resell or export their vehicles to markets abroad, including the Dominican Republic and various West African countries where they maintain personal and commercial ties.
While there are strong policy justifications for the TLC’s plate cap, an undeniable downside — as AutoMarketplace Founder Dawood Mian discussed with Harry Campbell of The Rideshare Guy and Driverless Digest — is that between 30% to 40% of drivers are effectively stuck in rental arrangements (60% to 70% of TLC-plated vehicles are claimed by individuals who are mostly owner-operators).
That said:
Drivers may still obtain a new TLC plate by purchasing a wheelchair accessible vehicle (WAV), purchase a FHV Corporation that has claim to TLC plates, and/or purchase a taxi medallion
A broad release of new TLC plates could depress the recovering yellow taxi medallion market, whose valuation — and related taxi drivers earnings potential — both rely partly on scarcity; fewer taxis serving the same or growing trip volumes generally supports higher per-driver income.
The TLC’s annual FHV License Review allows the agency to release additional TLC plates, but (usually) only if supply-and-demand data justify a measured expansion without lowering driver earnings.
In today’s podcast, we also cover the TLC plate rental process step-by-step — from title ownership and insurance approval to DMV and TLC inspections — to help drivers better understand how a plate rental practically works and what to expect when bringing their own car under a Fast Track plate.
Fast Track’s approach stands out for its regulatory transparency and operational scale. Unlike smaller operators that handle plate rentals informally or through risky peer-to-peer arrangements, Fast Track runs its program through corporate entities, ensuring institutional-grade compliance with TLC and insurance requirements. The company also offers support in several languages and a fully managed process from its Queens facility, minimizing confusion for first-time applicants.
While the program is expected to grow, Fast Track’s Moskovitz emphasized that it remains a complement to — not a replacement for — its traditional vehicle rental operations. The company currently has 100 to 200 plates available and expects demand to rise as insurance challenges and a plate cap persist. For context, AutoMarketplace estimates VGM’s total NYC TLC fleet exceeds 4,000 vehicles, so its prospective plate rental business would represent less than 5% of its entire NYC fleet operation.
“[TLC plate rentals] won’t be the majority of the business…we really want to be able to serve customers that are getting into the industry that don’t have credit, that can’t get a car, or don’t want a car…so [TLC-plated vehicle rentals] will always be a core part of our business.” — Jeremy Moskovitz, EVP, Voyager Global Mobility (owner of Fast Track)
Gaming out future TLC Plate releases
AutoMarketplace’s Dawood Mian also discusses how some drivers may try to “game out” future TLC plate releases, weighing whether to buy their own vehicles and rent a TLC plate or wait for potential new plate releases. Dawood notes that under the city’s current Green Rides electric vehicle (EV) and WAV mandate, any broad release of new TLC plates would almost certainly be limited to EVs or wheelchair accessible vehicles (WAVs).
As a result, for drivers purchasing hybrid or gas vehicles, plate rental programs like Fast Track’s may remain the only viable way to legally operate in the TLC market for the foreseeable future. (Note: Not legal or financial advice, but an opinion)
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Click here to learn more and apply for Fast Track’s TLC plate rental offering
Mamdani vs. TLC Rental Fleets
We uploaded the YouTube video of this podcast about an 1.5 hours ago and almost immediately got a comment about Mayor-elect Zohran Mamdani — specifically, whether drivers should expect him to oppose TLC rental companies or the existing TLC Plate Cap.
It’s a topic we’ll cover in more depth soon, but here’s our quick response below. Let us know what you think. Maybe our prediction is totally wrong, wouldn’t be the first time!
Boubacar888: Mamdani is gonna stop TLC scam this my why they gonna rent plate …
AutoMarketplace: Mamdani had a very big role to play in taxi medallion debt relief (hunger strike back in 2021). If you game it out, his administration will probably be more yellow cab / medallion-centric (especially owner-drivers). He will likely be against further TLC plate releases (generally bad for driver earnings and for yellow cab medallion market). What he will likely do, or consider doing, is having TLC create FHV lease caps, similar structure to what exists in medallion industry. Drivers from Uber / Lyft world often forget that yellow cab drivers are extremely against TLC plate releases as well (it’s not only large TLC rental companies). Ultimately, driver earnings need to increase, everything else is downstream from that. If there are too many cars, driver earnings will go down (just basic supply and demand).
Fake NYC TLC Plate System Reform Press Release?
About 30 minutes ago we, along with many others, were also forwarded a press release claiming to come from the ‘Office of the Mayor’ announcing major reform of the NYC TLC plate system.
We believe the release is likely unauthorized or fake, since Mayor-elect Zohran Mamdani has not yet taken office — and no matching statement appears on official city channels or credible news outlets (as of this writing).
We will continue to investigate its origins and verify with both industry stakeholders and city officials.
Also available on YouTube ⬇️
TABLE OF CONTENTS
00:00 – Introduction
02:21 – What is a NYC TLC Plate rental?
05:23 – Who is renting TLC Plates? What’s driving demand?
08:28 – What does a Fast Track TLC Plate rental cost? What about insurance?
09:29 – Fast Track’s unique TLC insurance offering
10:25 – Pricing breakdown: $115/week (TLC Plate + DMV registration), $174/week (TLC insurance) = $289/week total (~$1,250/month)
12:32 – More details on TLC Plate rental terms: $1,000 deposit, 56-week contract
14:16 – Individual (peer-to-peer) vs. corporate TLC Plate rentals
18:38 – Title technicalities: Fast Track listed as DMV co-registrant
20:44 – It takes 4–6 weeks to receive a title after purchasing a vehicle
22:50 – Step 1: Driver buys a vehicle and obtains the title
23:30 – Step 2: Fast Track background check and insurance pre-approval
23:45 – What if the vehicle title is not in the driver’s name?
24:02 – Can a driver check insurance eligibility before buying a vehicle?
24:41 – Step 3: Making and attending an in-person Fast Track appointment — vehicle inspection, required documents, $500 deposit, vehicle drop-off
27:00 – Fast Track installs a GPS tracker (non-immobilizing)
27:39 – Dash camera requirements
28:02 – Step 4: Fast Track sends a text message with the NY DMV FS-6 form confirming the return of the vehicle’s regular plates, allowing drivers to cancel prior insurance; Fast Track then submits the DMV application to attach its TLC plates
29:27 – Step 5: Fast Track notifies TLC, waits for inspection, and collects the final $500 deposit payment at vehicle pickup
30:10 – How long does the process take? (4–6 weeks) Can drivers take their own vehicles to the TLC inspection?
31:18 – When do weekly TLC Plate payments begin?
31:50 – Quick summary of all TLC Plate rental steps and timeline (why 4–6 weeks? Why a $1,000 deposit?)
35:30 – Can drivers attach Fast Track TLC Plates to gas-powered (ICE), hybrid, or EV vehicles?
36:11 – 56-week contract terms, 6-week cancellation notice, deposit return policy
37:45 – Is Fast Track exiting the TLC vehicle rental business? How many TLC Plates are available?
39:45 – TLC insurance clarifications (liability vs. comprehensive and collision coverage)
41:35 – Gaming out future TLC Plate releases, EV rules, and auto loan considerations
44:05 – Concluding thoughts
AutoMarketplace reports on New York City’s for-hire transportation (TLC) industry and the wider automotive mobility landscape.
AutoMarketplace.com is a data intelligence and market infrastructure platform for New York City’s for-hire vehicle ecosystem—delivering proprietary indexes (AYX, APX, AIX), real-time analytics, and marketing services across taxi medallions, TLC plates, and commercial insurance.
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